The big lie is coming

[moneymakers]

If no changes are made, the expiration of the tax policy will raise the lowest 10 percent bracket to 15 percent. It will raise the 25 percent rate to 28 percent; the 28 percent rate to 31 percent; the 33 percent rate to 36 percent; and the 35 percent rate to 39.6 percent.

 

Though the tax cuts passed by Congress with the encouragement of former President George W. Bush are often described as a boon for the wealthy, the changes passed in 2001 and 2003 lowered taxes for every income bracket.

 

Heard something about taxes not going up one dime for anyone making under 75,000

 

going from 10 to 15% would be an 67% increase!

[cre8tiff]

The big lie is coming

 

Wait, they found more WMDs?

[mrip]

In his campaign he also said he would only allow the cuts to expire for upper income Americans. We shall see. Also, the Bush cuts include a number of cuts (cuts to tax on capital gains, dividends, cuts to deductions, exemptions) that conservative news sources want you to overlook because they only materially affect the rich. If no action were taken the rich stand to lose a lot more than you do. For example, if you are in the 10% bracket and the cuts expired with no modification you would owe a maximum increase of about $400, around $1.10 per day, but the partners at Goldman Sachs could be looking at hundreds of thousands perhaps millions in increases on their $100,000,000 incomes.

Edited July 13, 2010 by mrip

[SEC=UGA]

In his campaign he said he would only allow the cuts to expire for upper income Americans. Also, the Bush cuts include a number of cuts (cuts to tax on capital gains, dividends, cuts to deductions, exemptions) that conservative news sources want you to overlook. If no action were taken the rich stand to lose a lot more than you do. For example, if you are in the 10% bracket and the cuts expired with no modification you would owe a maximum increase of about $400, around $1.10 per day, but the partners at Goldman Sachs could be looking at hundreds of thousands in increases.

 

The increase in capital gains is going to have the most negative impact on the economy of any of the tax increases. The evil rich aren't the only ones that have benefited from the cut in capital gains taxes. This cut had a very positive trickle down impact by allowing companies to expand, thus allowing them to hire workers and also created quite a bit of wealth for pension fund and retirement fund holders who were already invested in these companies.

[Perchoutofwater]

The increase in capital gains is going to have the most negative impact on the economy of any of the tax increases. The evil rich aren't the only ones that have benefited from the cut in capital gains taxes. This cut had a very positive trickle down impact by allowing companies to expand, thus allowing them to hire workers and also created quite a bit of wealth for pension fund and retirement fund holders who were already invested in these companies.

 

+1 I'm more worried about the increase in capital gains tax than I am about the increase in income tax. Not so much because of how it directly effects me, but how it will indirectly effect me through those I build for.

Edited July 13, 2010 by Perchoutofwater

[caddyman]

If no changes are made, the expiration of the tax policy will raise the lowest 10 percent bracket to 15 percent. It will raise the 25 percent rate to 28 percent; the 28 percent rate to 31 percent; the 33 percent rate to 36 percent; and the 35 percent rate to 39.6 percent.

 

Though the tax cuts passed by Congress with the encouragement of former President George W. Bush are often described as a boon for the wealthy, the changes passed in 2001 and 2003 lowered taxes for every income bracket.

 

Heard something about taxes not going up one dime for anyone making under 75,000

 

going from 10 to 15% would be an 67% increase!

[bpwallace49]

The capital games tax expiring would be a bad thing . . that generates a lot of re-investmnet in companies.

[tazinib1]

"No taxation without representation!!".......well hell nevermind.

[westvirginia]

This is something I absolutely cannot figure out. Surely they have SOMEONE in an advisory capacity that will tell him raising taxes is a REALLY bad idea in a recession. If anything it will further hurt the unemployment numbers and restrict growth, as well as hurting the power of everyone to purchase.

[Big Country]

If no changes are made, the expiration of the tax policy will raise the lowest 10 percent bracket to 15 percent. It will raise the 25 percent rate to 28 percent; the 28 percent rate to 31 percent; the 33 percent rate to 36 percent; and the 35 percent rate to 39.6 percent.

 

Though the tax cuts passed by Congress with the encouragement of former President George W. Bush are often described as a boon for the wealthy, the changes passed in 2001 and 2003 lowered taxes for every income bracket.

 

Heard something about taxes not going up one dime for anyone making under 75,000

 

going from 10 to 15% would be an 67% increase!

 

 

 

Go get an education and make more money then...... oh wait, then you;d have to pay even more and get off of the government teet

[tazinib1]

This is something I absolutely cannot figure out. Surely they have SOMEONE in an advisory capacity that will tell him raising taxes is a REALLY bad idea in a recession. If anything it will further hurt the unemployment numbers and restrict growth, as well as hurting the power of everyone to purchase.

 

:whispers: "there politicians...they don't give a f*ck"

[westvirginia]

:whispers: "there politicians...they don't give a f*ck"

 

Sure they do - about re-election. This is one time when what's good for the country coincides with what's good for the politicos. It's a no-brainer to not raise taxes - for a while anyway. The economy keeps stagnant or gets worse, democrats are going to lose big time this November and obamessiah will be a one-termer for sure. People ALWAYS vote their pocketbook.

[bpwallace49]

Sure they do - about re-election. This is one time when what's good for the country coincides with what's good for the politicos. It's a no-brainer to not raise taxes - for a while anyway. The economy keeps stagnant or gets worse, democrats are going to lose big time this November and obamessiah will be a one-termer for sure. People ALWAYS vote their pocketbook.

 

It would be returning taxes back to the levels under Reagan right?

 

[wiegie]

Anybody who thinks that the "If no changes are made" caveat is going to come true is an idiot.

[mrip]

Everyone hates giving money to the government but I'd rather rough it a bit than have to start learning Chinese.

[Perchoutofwater]

Everyone hates giving money to the government but I'd rather rough it a bit than have to start learning Chinese.

 

I have no problem giving money to the government, it is when they want a higher percentage of what I make than what someone else makes, and when they give the money they have taken from me to give to someone else that I have a problem with it. If the government would stop playing Robin Hood and would tax everyone equally then you'd never hear me complain.

[bpwallace49]

I have no problem giving money to the government, it is when they want a higher percentage of what I make than what someone else makes, and when they give the money they have taken from me to give to someone else that I have a problem with it. If the government would stop playing Robin Hood and would tax everyone equally then you'd never hear me complain.

 

I am now referring to you as "the evil Sheriff of Nottingham" . . .

[Perchoutofwater]

I am now referring to you as "the evil Sheriff of Nottingham" . . .

 

But I don't want to take from anyone, I just would rather what is mine not be taken and given to others. So you analogy falls short.